The Investors Service Moody’s affirmed New Zealand’s currency rating at “AAA” while maintaining a “stable” outlook.
The global rating agency expects solid 3.0% growth in 2022 as the economy continues to recover from Covid, even as fiscal and monetary policy begin to normalize in the face of domestic and external inflationary pressures.
Key comments
“New Zealand economy remains resilientdespite its weakness to the shocks of being a small, open, commodity-based economy.”
“The resilience of the economy reflects the economy’s trade openness, highly competitive agricultural export base, flexible product and labor markets, high levels of wealth, and the benefits of its continued net migration program.”
“These attributes support New Zealand’s medium-term growth potential of around 2.5-3.0%.a level higher than many AAA-level advanced economy countries.”
Source: Fx Street
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